Technical Valuation Workshop
Sponsored by LECG, LLC
Presiding Officer: Grant W. Newton
Pepperdine University and AIRA; Medford, Ore.
12:00 p.m.
Registration Opens
12:50 p.m.
Welcoming Remarks
1:00 p.m.
Application of Discounts and Premiums (1.50 hrs)
This session explores the current evidence and appropriate application of marketability and minority interest discounts.
R. Brian Calvert, Moderator
Development Specialists, Inc.; Chicago
Joseph A. DiSalvatore
Grant Thornton LLP; New York
David W. King
Mesirow Financial Consulting, LLC; Chicago
Stamos Nicholas
Deloitte Financial Advisory Services, LLP; New York
Jefferies & Company Speaker TBD
2:30 p.m.
Refreshment Break
Sponsored by LECG, LLC
2:45 p.m.
Sufficiency of Capital Tests in the Context of Avoidance Actions (1.25 hrs)
This session considers case law and evaluates financial methods and capital markets data that might inform attorneys, bankers or valuation analysts as they assess the sufficiency of a debtor's capital in the context of avoidance actions.
Paul N. Shields, Moderator
LECG, LLC; Salt Lake City
Laura Davis Jones
Pachulski Stang Ziehl & Jones; Wilmington, Del.
Ian Ratner
GlassRatner Advisory & Capital Group LLC; Atlanta
Teri Stratton
Piper Jaffray & Co.; El Segundo, Calif.
4:00 p.m.
Refreshment Break
Sponsored by LECG, LLC
4:15 p.m.
Cost of Capital: An Analysis of Courts' Interpretations (1.50 hrs)
Judges are confronted with interpreting many economic concepts presented though experts' testimony, which is often confusing and contradictory. This presentation analyzes a number of important decisions and discusses how various courts have interpreted the concepts inherent in one of the most complex and often confusing areas: cost of capital. This discussion should assist (1) experts improve the clarity of their analyses and testimony, (2) attorneys in laying out their case, and (3) judges in understanding the underlying concepts.
Robert Parrino, Moderator
The University of Texas at Austin; Austin, Texas
Roger J. Grabowski
Duff & Phelps LLC; Chicago
Bernard Pump
Deloitte Financial Advisory Services, LLP; Chicago
5:45 p.m.
Adjourn
5:45-7:15 p.m.
VALCON Opening Networking Reception
Join us for drinks and hors d'oeuvres with faculty and participants.
Sponsored by Huron Restructuring & Turnaround
Presiding Officer: Michael P. Richman
Patton Boggs LLP; New York
7:30 a.m.
Registration Opens
Includes continental breakfast
Sponsored by Grant Thornton LLP
8:20 a.m.
Welcoming Remarks
8:30 a.m.
Regulatory Keynote: Will Dodd-Frank Reduce Systemic Risk? (.50 hrs)
Stephen M. Bainbridge
William D. Warren Professor of Law, UCLA School of Law; Los Angeles
9:00 a.m.
Market Participant Behavior in the Wake of Dodd-Frank
Is Dodd-Frank fighting the last war or will it respond effectively to the next market disruption? Will Dodd-Frank give the President, the Fed, and Treasury more or fewer weapons to deal with the next Bear Stearns-Lehman-Merrill-Washington Mutual-GM-Chrysler? Can taxpayer dollars still be used for new bailouts? Will regulators' ability to cherry pick and spin off assets mean that taxpayer dollars still can be used for the next bailout? Will major financial institutions pay a premium for debt and equity capital or will market forces, in a low interest rate environment, mean "business as usual" with little in the way of protection for investors? Can investors effectively park their capital in business segments that are likely to be salvaged by regulators? Will new disclosure requirements in practice enable investors and regulators to spot risky behavior? Even assuming regulators have the power, are they likely to utilize Dodd-Frank reforms to deflate the next bubble before it happens? During the rule-making process, will lobbyists succeed in taking the fangs out of Dodd-Frank? Will an FDIC liquidation seem arbitrary or unpredictable because large swaths of the Bankruptcy Code are inapplicable?
William J. Rochelle, Moderator
Bloomberg LP; New York
Holly Etlin
AlixPartners, LLP; New York
Walter Mix (invited)
LECG, LLC; Los Angeles, CA
Mark J. Shapiro
Barclays Capital; New York
10:00 a.m.
Coffee Break
Sponsored by Grant Thornton LLP
10:15 a.m.
Investors' Roundtable (1.33 hrs)
2010 was a year of recovery for the capital markets and private equity investment, but also a wait-and-see year for distressed investors. This panel discusses how leading distressed funds and investors see opportunities in the market today and what new methods are being used to achieve the best returns in the distressed marketplace.
J. Scott Victor, Moderator
SSG Capital Advisors, LLC; West Conshohocken, Pa.
Mitchell Drucker
Garrison Investment Group; New York
Peter S. Kaufman
Gordian Group, LLC; New York
Samuel B. Levine
Eos Partners; New York
Gregory L. Segall
Versa Capital Management, Inc.; Philadelphia
11:35 a.m
Adjourn to Luncheon and Presentation
Thursday Afternoon, February 24
Presiding Officer: James M. Lukenda
Huron Consulting Group; New York
12:10 p.m.
Keynote Luncheon: Current Issues Involving Financial Markets and Regulation (.83 Hrs)
Peter J. Wallison
Arthur F. Burns Fellow in Financial Policy Studies, American Enterprise Institute for Public Policy Research and Commissioner, Financial Crisis Inquiry Commission; Washington, D.C.
1:00 p.m.
Refreshment Break
Sponsored by GlassRatner Advisory & Capital Group LLC
1:15 p.m.
Ten Practice Tips for Valuation Professionals (.83 hr)
A look at innovative strategic approaches and rewarding court decisions of the past year—what worked and what didn't—plus lessons learned and brilliance rewarded in major bankruptcy cases ending in excellent settlements and substantial victories.
Evelyn H. Biery, Moderator
Fulbright& Jaworski LLP; Houston
T. Scott Avila
CRG Partners; Los Angeles
Rick Braun
FTI Consulting, Inc.; Washington, D.C.
Eric Winthrop
Houlihan Lokey; Los Angeles
2:05 p.m.
Real Estate Restructurings: The Issues and Challenges Raised by Complex Multi-tranche Structures (1.25 hrs)
A discussion and exploration of the legal and valuation issues raised in complex real estate restructurings. This panel looks at the role and use of special purpose entities (SPEs) and the challenges of dealing with multi-tranche commercial mortgage-backed securities (CMBS); the role of servicers and special servicers; and the perspectives of the various parties including the judicial perspective.
Marcia L. Goldstein, Moderator
Weil, Gotshal & Manges, LLP; New York
Gregory A. Cross
Venable LLP; Baltimore, Md.
Ronen A. Bojmel
Miller Buckfire & Co., LLC; New York
Hon. James M. Peck
U.S. Bankruptcy Court (S.D.N.Y.); New York
3:20 p.m.
Refreshment Break
Sponsored by GlassRatner Advisory & Capital Group LLC
3:35 p.m.
Rights Offerings (.83 hr)
Rights offerings and similar plan funding mechanisms have taken center stage in recent large cases. They have been used for years and can be a useful tool for avoiding difficult valuation issues. But increasingly, they are being challenged in disputed cases as unfair and discriminatory, while focus on the incentives to backstop providers has led to valuation challenges. The panel discusses some recent creative structures while exploring the valuation issues they raise.
Jane Lee Vris, Moderator
Vinson & Elkins LLP; New York
William Q. Derrough
Moelis & Company; New York
Mike Genereux
The Blackstone Group; New York
4:25 p.m.
Navigating Municipal Restructurings Roundtable: The New Frontier
State governments, municipal divisions of states and authorities established at the state, regional and municipal levels face many of the same challenges experienced by corporations navigating today's environment. These governmental units and agencies are affected by a global marketplace that is experiencing de-globalization, de-leveraging and re-regulation. Many municipalities, agencies and authorities are now, or soon will be, confronted with unprecedented restructuring pressures. This roundtable brings together leaders in the municipal restructuring arena to offer unique perspectives on how to help municipalities navigate their complex circumstances, including Chapter 9 and other alternatives.
John Wm. (Jack) Butler, Jr., Moderator
Skadden, Arps, Slate, Meagher & Flom LLP; Chicago
Bill Brandt
Development Specialists, Inc.; Chicago
Perry Mandarino
PricewaterhouseCoopers LLP; New York
Kenneth A. Buckfire
Miller Buckfire & Co., LLC; New York
Marc A. Levinson
Orrick, Herrington & Sutcliffe LLP; Sacramento, CA
5:45-7:00 p.m.
Networking Reception
Join us for drinks and hors d'oeuvres with faculty and partcipants.
Presiding Officer: Kaaran E. Thomas
McDonald Carano Wilson, LLP; Reno, Nev.
8:00 a.m.
Conference Room Opens
Sponsored by Development Specialists, Inc.
8:30 a.m.
Judicial Panel (1.00 hr)
A nationally recognized panel of judges will discuss the views of valuation testimony and methodologies.
Donald S. Bernstein, Moderator
Davis Polk & Wardwell, LLP; New York
Hon. Robert D. Drain
U.S. Bankruptcy Court (S.D.N.Y.); New York
Hon. Kevin Gross
U.S. Bankruptcy Court (D. Del.); Wilmington, Del.
Hon. Barbara J. Houser
U.S. Bankruptcy Court (N.D. Tex.); Dallas
Hon. Bruce A. Markell
U.S. Bankruptcy Court (D. Nev.); Las Vegas
9:30 a.m.
Coffee Break
Sponsored by Development Specialists, Inc.
9:45 a.m.
Navigating through the Ethical Maze of Fiduciary Duties: Ratting on Clients and Other Hazards (1.00 hr)
This panel explores fiduciary duties of DIPs and Committees and their professionals, including their duty to make disclosures or report on mis-valuations and other client misconduct through an analysis of applicable ethical rules, case law and articles.
Susan M. Freeman
Lewis and Roca LLP; Phoenix
Judith Greenstone Miller
Jaffe, Raitt, Heuer & Weiss, PC; Southfield, Mich.
10:45 a.m.
Dealing with Appraisals and Comparables in a Volatile Market (.75 hrs)
A discussion of the impact of complex markets, changing conditions, swings in volatility and commodity prices on the appraisal and selection of comparables.
Curtis Burr, Moderator
Burr Pilger Mayer, Inc.; San Francisco
Adam Borison
NERA Economic Consulting; San Francisco
David R. Williams
Ernst & Young LLP; New York
11:30 a.m.
Adjourn
Four Seasons Hotel, Las Vegas, NV
3960 Las Vegas Blvd. South
Las Vegas, NV 89119
877-632-5000
Special rate: $195 good through January 24, 2011 (subject to availability)
All fees, except a $75 handling fee, will be refunded if written notice of cancellation is received by February 2, 2011. No refunds will be granted after February 2, but substitutions will be allowed.
CPE credit is available and approved for 17.5 credit hours. Approval for approximately 15 hours of CLE credit, including 1 hour of ethics, is pending. Mark the appropriate box on the registration form to indicate your preference
Additional sponsorship opportunities are available. Contact Elizabeth Sabin at ABI for further information: esabin@abiworld.org or (703) 739-0800